Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of raising the upper limit of house prices for which the Lifetime Individual Savings Account can be used without incurring a penalty for people living in (a) Greater London and (b) other regions with high house prices.

While the Government will continue to monitor the situation, it currently remains of the view that the property price cap for the Lifetime ISA is set at an appropriate level to support most first-time buyers across the UK while targeting households that may find it most difficult to get onto the property ladder.

Data from the latest UK House Price Index shows that while the average price paid by first-time buyers has increased, it is still below the LISA property price cap in all regions of the UK.

The Government keeps all aspects of savings tax policy under review.